News Archive

Rajaratnam Denied Rehearing of Insider Trading Case

Nov 25, 2013

Jing Chen

Convicted hedge fund manager Raj Rajaratnam lost his bid for a rehearing of his insider trading case.

Bloomberg Businessweek reported that the U.S. Court of Appeal denied the Galleon Group co-founder's request in Manhattan last week, which leaves a possible request for a hearing by the U.S. Supreme Court as Rajaratnam's last chance to have his conviction overturned.

Rajaratnam is currently serving an 11-year sentence after being convicted in 2011 on 14 counts of insider trading and fraud in one of the biggest insider trading cases brought on by the U.S. government. Jurors in Rajaratnam’s case listened to more than 45 wiretap recordings, which his lawyers argued that they shouldn't be permitted as evidence.

According to an earlier eVestment report, Rajaratnam is living in luxury while he serves his decade-long sentence, living in a private cell with a shared balcony in a coveted part of the prison, usually reserved for the elderly and the seriously ill.

Other perks in the unit include private toilets, adjustable beds and televisions. Rajaratnam even has a “manservant” to cook him food in the nearby microwave when the former hedge fund manager does not feel like making the trip to the dining hall.